Redbubble : still cheap, page-3

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danbradster

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1808

12/08/20

11:32

Post #: 46478834
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Originally posted by saintex: ↑

The company is moving in the right direction regarding its margin, which is still my main concern for Redbubble.
In the presentation they just posted on their website (results for first 11 months), we can see that their gross margin for the period April/May increased by 390 bp vs the previous 9 months. That's a significant result given that the gross margin just increased by 90 bp yoy during the first 9 months. This improvement for the April/May period is driven by less promotion and a shift in its product mix.

Overall, their operating EBITDA margin increased from 2.8 % for the first 9 months to 7.7 % in April/May due to :
- gross margin improvement of 390 bp,
- decrease of CODB/sales by 170 bp,
- only slight negative : their cost of customer acquisition increased by 74 bp.

Like for some other ecommerce companies, the acceleration of their business has not been at the expense of the margin. More the opposite. Now that the company has passed its breakeven point, it has a large potential to improve its margin, which is still really low compared to Etsy.

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Usage is up a lot since April/May too, so high chances of margins having improved through August.

RBL Price at posting: $3.18 Sentiment: Buy Disclosure: Held
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